One Independence Square in DC Sells for $170M
Johns Creek, Ga-based Piedmont Office Realty Trust sold the 334,000-square-foot office building One Independence Square in Washington, D.C. for $170 million, according to a press release from the real estate investment trust.
Saban Real Estate purchased the property at 250 E Street SW, according to a separate press release from the Los Angeles-based firm. Saban’s announcement also included the $430 million sale of a 14-property office portfolio that spans 11 states.
Built in 1991, 250 E Street is currently 94 percent leased to multiple governmental tenants, per the Piedmont release. The property underwent a major renovation in 2013 to add a rooftop terrace, fitness center, café and lobby.
Bowen Hsu, a managing director at Saban Real Estate, said in a prepared statement that the property is “a great addition” to the firm’s recent acquisition at 425 I Street NW in D.C. “We believe we own a unique, high-quality, national GSA portfolio that we look forward to continuing to upgrade and grow,” Hsu said.
Piedmont plans to use the revenue from these properties to reduce outstanding debt, as they search for new acquisitions, per the company’s release.
Saban and Piedmont did not reveal the brokers on the deal.